JPMorgan should have independent chairman, new directors -firm

NEW YORK Tue May 7, 2013 9:28am EDT

NEW YORK May 7 (Reuters) - A second proxy advisory firm has said that JPMorgan Chase & Co should have an independent board chairman over its chief executive officer and should have some new directors.

Glass Lewis & Co said in a report on Tuesday that shareholders should vote for a non-binding proposal calling for a chairman who is independent of the chief executive. Jamie Dimon now holds both positions.

Glass Lewis also recommended against re-electing six of the 11 directors on the board.

The report follows similar advice last week from ISS Proxy Advisor Services ahead of the bank's annual meeting on May 21. Both firms said the company's $6.2 billion "London Whale" trading loss showed that the board failed in its oversight of executives.

A JPMorgan spokeswoman said over the weekend that the company disagreed with ISS's views. The board has said it opposes the proposal for an independent chairman and that the company's handling of the trading loss shows its current governance works.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

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